French Finance Minister Bruno Le Maire said he will act if supermarkets and food producers don’t lower their selling prices. Reuters reports. The price reduction is necessary to please consumers, who are finding it increasingly difficult to make ends meet.
Although food prices are generally decreasing, French supermarkets and food manufacturers have agreed to raise prices by 10%, which the parties deemed necessary to meet higher production costs.
Minister Le Maire has allegedly tried in recent days to urge both parties to reopen negotiations, so that prices will once again be much lower by the autumn.
Mandate
A threat was also recognized in Le Maire’s words. He would not hesitate to use his ministerial mandate. “If the supermarkets and producers don’t lower their prices, we will call them to the ministry,” Le Maire said. “If that’s not enough, I will use all the power I have to get big industrial companies to approve price cuts.”
Exactly what he means by this is not yet clear, but the authorities responsible for consumer interests and competition in France depend on the Ministry of Finance.
Under pressure
French President Emmanuel Macron’s government is under considerable pressure after the unpopular measure surrounding raising France’s retirement age and is all too happy to step into the spotlight with the French population by campaigning for lower food prices.
Compared to March 2022, food prices in France are more than 15.8% higher, halting the decline in French inflation at 6.6%. Had food prices been at normal levels, inflation would have declined further.
Source: BNR
Sharon Rock is an author and journalist who writes for 24 News Globe. She has a passion for learning about different cultures and understanding the complexities of the world. With a talent for explaining complex global issues in an accessible and engaging way, Sharon has become a respected voice in the field of world news journalism.
